If the Panic is as close as you guys seem to think (and numberwise I agree) why do you think the panic doesn't seem to be nearly as well received as the IQTP? Or is it just the few people I know who have just though it was ok but nothing special?
I have had the IQT Pearl and have the Venom Shock.
While the Shock's are equivalent to the IQ Tour series, their coverstocks are not as strong, in my opinion, as the R2S on the IQT series.
My Shock is a control ball on medium-light oil patterns; my IQTP was never a control ball, even on medium oil.
If I try to use my Shock on medium oil, it quickly becomes almost a skid/flip ball, even with the 4000 grit surface (which I now refresh every league session). Every Venom Panic I have seen even on medium-light oil is skid/flip in nature, whose backend is only softened by a speed dominant release.
Don't forget that a ball's tendency to arc or skid/flip is more governed by the bowler's release: speed dominant or rev dominant.